Survey Shows Renewed Optimism in Canadian Economy (Audio)

A survey of professional accountants in leadership positions by the Chartered Professional Accountants (CPA) of Canada reveals that optimism in Canada’s economic performance is gradually on the rise.

According to the survey, which is carried out quarterly, 29 per cent of respondents were optimistic about the Canadian economy in the year ahead, up from 23 per cent in the previous quarter. Respondents with a negative outlook were at 20 per cent, a significant reduction from the 30 per cent who expressed a pessimistic view earlier this year. About 50 per cent had a neutral outlook on the Canadian economy.

While most respondents cited the fall in oil prices as posing the main challenge for Canadian economic growth, over 20 per cent of the respondents believe that lower oil prices actually benefited the economy.

According to the survey, over half of professional accountants were optimistic about the prospects of their companies, with 60 per cent forecasting revenue growth over the next 12 months, and 56 per cent anticipating an increase in profits. Around 38 per cent of those surveyed predict an increase in employee numbers at their company, while 35 per cent anticipated no change and 25 per cent expect a drop.